Chutian Expressway(SH:600035) Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-05-21 00:05Meeting Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 20, 2025, with key executives participating to address investor inquiries [1][2]. Key Issues Raised by Investors - Impact of Future Toll Policy Adjustments: The company acknowledged the uncertainty surrounding the upcoming toll road management regulations and emphasized its commitment to enhancing operational efficiency and control in response to potential changes [1]. - Highway Expansion Projects: The company is focusing on investment opportunities in highway expansion, having secured a contract for the Han-Yi Highway expansion, which is expected to positively impact long-term financial performance despite initial profit impacts during the ramp-up phase [2]. - Strategic Focus on Intelligent Transportation: The company plans to leverage highway applications to explore investments in smart transportation, new energy, low-altitude economy, and intelligent connected vehicles [3]. - R&D in Intelligent Technology: The company will continue to invest in R&D for software and hardware products related to highway construction, maintenance, and operations [4]. - Hydrogen and Photovoltaic Projects: The company aims to expand its hydrogen energy initiatives and photovoltaic projects, including the establishment of hydrogen refueling stations and integrated service areas to enhance operational efficiency [4]. - Low-Carbon Technology Initiatives: The company has developed a "zero-carbon" toll station and is exploring low-carbon technology applications, including energy storage and charging networks, to align with carbon neutrality goals [4]. - Collaboration with Sinopec: The company is deepening its collaboration with Sinopec in the hydrogen energy sector, having launched a nationwide hydrogen energy demonstration line [5]. - Integration of Acquired Traffic Safety Business: Following the acquisition of Ping An Traffic, the company plans to integrate resources to expand its market presence in highway safety facilities [5]. - REITs Issuance: The company is advancing its public REITs project based on the Daguangbei Expressway, which is expected to enhance capital efficiency and asset liquidity [5]. - Debt Management: The company has maintained a debt ratio around 50% over the past three years, with a slight upward trend anticipated due to ongoing projects, while it aims to keep leverage at a reasonable level [6]. - Market Value Management: The company is implementing measures to enhance market value, including focusing on core operations, optimizing capital operations, and improving investor relations [7]. - Dividend Policy: The company has established a shareholder return plan, committing to distribute at least 30% of net profit as cash dividends annually, with a minimum of one distribution per year [7].